Sustainable development continues to be an integral business practice for us.
The ‘Vedanta Way’ encompasses four key elements of: ‘Environmental Stewardship’, ‘Nurturing People’, ‘Health & Safety’ and ‘Empowering Communities’. We stay committed to continuous improvement in Sustainability performance in line with our policy and commitments.
We are committed to managing and minimizing the environmental, social and occupation risks of our activities, by encouraging proper use of energy and water efficient technologies, conducting environmental impact assessments to understand impact and plan for managing the environmental, social and economic aspects in our major expansions and new projects, along with ongoing internal reviews and external audits. The specific energy & specific water consumption continued to show an improving trend during the current year.
Safety continues to be a focus and a subject matter of continuous improvement. Like previous years, this year too we continued to show an improving trend in Loss Time Injury Frequency Rate (LTIFR). The LTIFR for our operations in 2009-10 was at 1.52 translating into a reduction of 9% over the previous year and over 72% during the last five years.
However during the year in an unfortunate incident, a power plant chimney at BALCO, that was under construction through our subcontractor SEPCO, collapsed during an aberrant weather condition, resulting in loss of life of 40 contract employees. Appropriate infrastructural and manpower resources were deployed to carry out the relief operations including support to the family members of the deceased. Investigations revealed that the design of chimney was proper as per IS codes and the material used was as per relevant standards. The investigations also revealed that the probable cause of accident was severe thunder storm and lightning. The group rededicates itself to observing and implementing highest standards of safety at all its projects and operations sites.
People are our valuable assets and are the key to achieving our objectives. Our people strategy is founded on the recruitment, development and retention of the talented men and women who run our businesses around the world. We believe in nurturing and mentoring talents for leadership positions from within, establishing our fundamental principle that employee have the ‘right to grow in our organisation’. We remain committed to provide a safe and supportive work environment for all.
Our belief is to work with communities and demonstrate through our actions that we understand and care. Social mobilisation and the 4P model of Public-Private- People- Partnership are the 2 key pillars in our work with communities. We recognise that only through collective efforts can we bring about a long term sustainable change in the socio economic condition of the communities where we operate against our tenet of ‘Empowering Communities’. Over the years we have enhanced our value for the communities by expanding our activities and increasing our reach around all our operations. 2010, we reached out to 2.7 million lives and 552 villages in 20 districts of India and Zambia. Our stakeholder consultation module has enabled us to nurture our social license to operate and to work hand in hand with the local communities. The Community Matrix, a scenario review tool developed internally this year acts as a compass in defining the direction of our work with communities in line, coupled with providing uniformity and alignment with the company. 2011 will continue to see focus on outreach to communities and creating local prosperity.
Going forward, we will continue to raise the bar in line with our values and commitment to sustainable development.
MS Mehta
Chief Executive Officer